Handleman Company Suspends Dividend
01 Mars 2007 - 11:05PM
PR Newswire (US)
TROY, Mich., March 1 /PRNewswire-FirstCall/ -- Handleman Company
(NYSE:HDL), http://www.handleman.com/, today announced that it has
suspended its quarterly cash dividend of $.08 per share on common
stock in connection with amending its credit agreement. The Company
will redirect its cash flow to reduce outstanding debt, which
increased as a result of several investments that diversify the
Company's products and customer base. "At this time it is prudent
for us to protect our balance sheet and preserve our cash for the
execution of our business plan," commented Stephen Strome,
Handleman's Chairman and Chief Executive Officer. "We are in the
process of expanding the Company's category management,
distribution and in- store service operations in the United Kingdom
to accommodate new customers and products, and are undertaking
other activities to improve our performance and streamline our
operations." About Handleman Company: Handleman Company is a
category manager and distributor of prerecorded music and console
video game hardware, software and accessories. Its customers
include leading retailers in the United States, United Kingdom, and
Canada. As a category manager, the Company manages a broad
assortment of titles to optimize sales and inventory productivity
in retail stores. Services offered include product selection,
direct-to-store shipments, marketing and in-store merchandising.
DATASOURCE: Handleman Company CONTACT: Greg Mize, Vice President,
Investor Relations of Handleman Company, +1-248-362-4400, Ext. 211
Web site: http://www.handleman.com/
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